U.S. goods exports to China fell in December, cementing a massive shortfall in Beijing's two-year purchase commitments under the "Phase 1" trade deal negotiated by the administration of former U.S. President Donald Trump.
The U.S. Census Bureau said Tuesday the United States' 2021 goods trade deficit with China rose by $45 billion, or 14.5%, to $355.3 billion — the largest since a 2018 record of $418.2 billion. The 2020 gap was $310.3 billion, a 10-year low driven by COVID-19 pandemic lockdowns.
The global U.S. trade deficit in 2021 surged 27% to a record $859.1 billion as businesses restocked inventories to meet robust demand.